My Size, Inc., a prepackaged software services company with a market capitalization of $8.2 million, has announced the successful exercise of warrants that has resulted in gross proceeds of approximately $3 million. This exercise involved warrants issued during the company's warrant repricing transaction that took place in May 2024.
The event, which occurred on Sunday, resulted in the issuance of 653,028 shares of common stock. According to InvestingPro, the company's stock has delivered an impressive 146.59% return over the past six months, with a "GOOD" overall Financial Health rating.
The exercise of these warrants is a significant financial event for the Delaware-incorporated company, which is listed on the Nasdaq Capital Market under the ticker symbol NASDAQ:MYSZ. The additional funds may provide the company with an opportunity to further its business objectives and strategies.
My Size, Inc. is headquartered in Airport City (TASE:ARPT), Israel, and its shares are traded with a par value of $0.001 each. The company has not disclosed specific plans for the use of the proceeds from this transaction.
In other recent news, MySize reported a 23% growth in revenue and is projecting a target of $15M in 2025. The company's CEO, Ronen Luzon, emphasized the role of strategic alignment and long-term value creation in their approach to mergers and acquisitions. MySize's AI-driven sizing solution, Naiz Fit, has achieved significant milestones, delivering over 42 million personalized size recommendations across 18+ countries and supporting 1.5 million virtual try-ons. The company is also planning to showcase its technologies at industry events in January 2025.
Analyst firm H.C. Wainwright has adjusted its price target for MySize's shares from $5.00 to $3.00, while maintaining a Buy rating. This revision occurred after MySize reported a 7% sequential decrease in sales from $2.0 million in June to $1.8 million. However, the company experienced a sequential increase in its Software-as-a-Service (SaaS) revenue, which rose to $172,000 from $163,000 in the previous quarter.
Despite the challenging economic conditions and regional tensions surrounding Israel, MySize's global presence and offices in Spain have ensured that these factors have not materially affected its operations or financial results. H.C. Wainwright remains optimistic about the potential of MySize's sizing technology within the garment industry.
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